S'pore to play larger role in Iskandar

By Farah Wahida: Singapore investors and developers are expected to play a major role in Iskandar Malaysia's property market, reported The Star.

A source said that Singapore-owned Temasek Holdings had last year acquired a 30 percent stake in Central Malaysian Properties (CMP) for RM300 million (S$120 million). According to the source, Temasek is set to increase its stake moving forward, which could pave the way for corporate restructuring.

CMP is the developer behind Lido Boulevard in Johor, a new waterfront development opposite the Grand Palace which is expected to yield a gross development value (GDV) of RM4 billion (S$1.6 billion).

"Work on the project has been temporarily halted and will resume after the completion of the restructuring exercise," said the source.

Aside from Temasek, other Singaporean investors are also banking on Iskandar's potential.

"Initially they were rather sceptical but after seeing the development taking place (in Iskandar) in just six years, they don't want to miss the boat," said a senior official from a property-based company.

Such optimism is partly due to the stronger bilateral ties between Singapore and Malaysia.

Developed by Pulai Indah Ventures (PIV) — a joint venture between Khazanah Nasional and Temasek — the project is estimated to have a GDV of RM2.5 billion (S$1 billion).

Located on a 2.02ha site in Medini North and a 84.98ha site in Medini Central, the development includes a wellness centre, corporate training centre, serviced residences and commercial, retail, residential and wellness-related offerings.

Image: Scale model showing the planned developments around Iskandar Malaysia Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my Related Stories: Dubai to build two new islands